*According to current projections, the state faces a $163 million shortfall by June 30, 2009, and a $900 million budget shortfall carried out to June 30, 2011.
*The state administration must submit their executive budget plan to the legislature prior to the start of the 2009 legislative session, but their budget plan will be based on current projections.
*Given the economic downturn, especially in the past month, the current projections are obsolete, and we should expect to see lowered projections.
*The Council on Revenues is scheduled to update revenue projections in January 2009, and again in March 2009.
*By the time the legislature makes its budget recommendations, the revenue projections should be lowered, and the shortfall will be greater.
*The Constitution and state laws require the legislature to balance the budget over 6 years.
*Hawaii's total general fund budget for this fiscal year is $5.3 billion.